Chinese consumers set to spend more, report reveals

Consumers in China have been described as a ‘beacon of hope’ for ecommerce due to their heightened spending intentions, according to the Boston Consulting Group.

Consumers in China have been described as a ‘beacon of hope’ for ecommerce due to their heightened spending intentions, according to the Boston Consulting Group.

Cited by reuters.com, the group’s report – ‘The $10 Trillion Prize: Captivating the Newly Affluent in China and India’ – polled 4,000 adults in China, the UK and US. It analysed their current and future spending habits when it comes to online purchases.

Forty per cent of respondents in the Asian market expected to boost their expenditure in the next 12 months – a rise compared to previous years (36 per cent in 2011 and 23 per cent in 2010), warc.com reports. As a result, the Chinese market has been deemed an ‘engine of growth’, which could interest firms hoping to expand their online payment solutions into the East.

On the other hand, a mere nine per cent of interviewees in the UK and US who were questioned would increase their expenditure in the future.

Michael Silverstein, a senior partner at BCG’s office in Chicago, commented on the figures: “Chinese consumers are a beacon of hope. They believe they will earn more, they will spend more, and their children will have a better life. They don’t see a global conflict on the horizon.

“US and UK consumers, on the other hand, remain guarded, stressed and anxious. They are suffering the consequences of four years of recession and continued talk of a ‘double dip’. They read the gloomy headlines from around the world and are filled with fear,” he added.